Майор Вихрь
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Well, you can definitely combine light magic effectively with enchanted arrows and a ballista. I think that if a guild has Divine Vengeance, light magic can even become more useful than chaos magic. And triple vengeance (if you have an enchanted ballista, of course) is perfect for dealing with fast-attacking enemies (like Cerberuses). If the druids help, that's even better. Also, if the enemy hero is using light magic, you can cast Dispel on the arrows, removing magic from several stacks (though it depends on how lucky you are with your sworn enemies) and, of course, use traditional mass spells to significantly strengthen your army.
P.S. I'm saying that the more traditional light magic for elves can also be used successfully; you don't necessarily have to go for chaos magic.
O God of Earth and Altar,
Bow down and hear our cry,
Our earthly rulers falter,
Our people drift and die,
The walls of gold entomb us,
The swords of scorn divide,
Take not thy thunder from us,
Take away our pride.
G.K. Chesterton: English Hymnal
Bow down and hear our cry,
Our earthly rulers falter,
Our people drift and die,
The walls of gold entomb us,
The swords of scorn divide,
Take not thy thunder from us,
Take away our pride.
G.K. Chesterton: English Hymnal